Market share of car tires increases by 7.1% CAGR and will reach the USA

car tire market

The globe car tire market is expected to reach around $453.7 billion by 2026, according to a new study by Polaris Market Research. In 2017, passenger cars dominated the world market in terms of sales. In 2017, Asia-Pacific accounted for most of the global automotive tire market.

The expanding global automotive industry, together with the increasing demand for passenger cars, is driving the market growth significantly. The acceptance of automobile tires has increased significantly due to the increasing need to extend the average lifespan of vehicles and the growing need to improve traffic safety through the use of technologically advanced tires. Other factors driving the market growth are growing disposable income, advances in technology and changing lifestyles. New emerging markets, emerging consumer demographics and increasing adoption of green tires would provide growth opportunities for the automotive tire market in the years to come.

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Market players operating in the global automotive tire market invest heavily in R&D and technological innovation to create advanced products that meet the growing demands of consumers. The strict government regulations on the use of environmentally friendly tires also promote the development of new products. In 2012, Hankook Tire developed an airless tire. The non-pneumatic tire results in significant energy savings by halving the production process. These tires can be reused or recycled and find application in eco-friendly car models, including hydrogen, electric and hybrid cars.

In 2017, Asia Pacific had the highest share of the global auto tire market. The well-established automotive industry, technological advancements and high investment in R&D are factors that are expected to drive the market growth in the region. The introduction…

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